Eldridge Industries

From Wikipedia the free encyclopedia

Eldridge Industries, LLC
TypePrivate investment
Founded2015; 7 years ago (2015)
FounderTodd Boehly
HeadquartersGreenwich, Connecticut, U.S.[1]
Websiteeldridge.com

Eldridge Industries LLC is a holding company headquartered in Greenwich, Connecticut, with offices in New York, London, and Beverly Hills.[1][2][3][4] Eldridge makes investments across the insurance, asset management, technology, mobility, sports & gaming, media, real estate, and consumer landscapes.[1][5][6][7][8]

History[edit]

Eldridge was formed in 2015 by CEO and Chairman Todd Boehly, President Anthony D. Minella, and General counsel Duncan Bagshaw,[9][10] after Boehly purchased Dick Clark Productions, Billboard and The Hollywood Reporter, and Mediabistro from Guggenheim Partners.[7]

Eldridge owns CBAM Partners, an SEC-registered investment advisor.[11] In 2019, Eldridge increased its investment in Maranon Capital, an investment manager, resulting in Eldridge holding a majority ownership stake in the company.[12]

In December 2020, Eldridge provided financing to Ark Invest, allowing ARK founder Cathie Wood to remain majority shareholder of the company.[13]

In January 2021, the College of William & Mary announced that it had partnered with Eldridge to develop a series of courses related to fiscal policy at the Mason School of Business.[14]

In 2021, some of Eldridge's credit management operations spun out to create Panagram Structured Asset Management, an asset management firm.[15]

Horizon Acquisition Corporation[edit]

Eldridge's special-purpose acquisition company Horizon Acquisition Corporation was founded in June 2020.[16] The company filed for a blank check IPO of $575 million in August 2020.[17] Horizon Acquisition Corporation II, an SPAC focused on media and entertainment, in August 2020.[18]

In March 2021, Eldridge's Horizon Acquisition Corporation III filed for a $500 million IPO.[19] Horizon Acquisition Company acquired ticket reseller Vivid Seats in April 2021.[20] The company merged with Vivid Seats,[21] which went public as Vivid on October 19, 2021. Vivid is traded on the Nasdaq and NYSE as SEAT.[22]

Sports[edit]

In March 2017, Eldridge led a round of funding estimated at over $100 million for DraftKings, a daily fantasy sports contest provider.[2][23] DraftKings purchased a stake in Vivid from Eldridge, when the company went public in October 2021.[24] Eldridge also has a stake in the Los Angeles Dodgers;[25] Chavez Ravine, the acreage around Dodger Stadium;[26][27] Cloud9;[28] and Atrium Sports;[29]

In December 2021, it was announced that Eldridge's CEO Todd Boehly was heading an ownership group in negotiations to purchase a controlling interest in the Washington Spirit.[30]

Technology[edit]

Eldridge has invested in fintech companies PayActiv, Stash and Truebill.[31] In February 2021, Stash reached a value of over $1.4 billion.[32]

Eldridge has invested in technology companies Capital Integration Systems (CAIS),[33] Digital Asset,[34] and Cutover.[35] In 2021, Eldridge participated in multiple funding rounds for digital delivery service Gopuff, including the company's $1.1 billion financing round.[36]

In July 2020, Eldridge invested in a $53 million fundraising round for Kernel, a Los Angeles-based neurotechnology company.[37]

Eldridge took part in a $475 million financing round for artificial intelligence company Dataminr.[38] The firm also invested in mobile game developer Tripledot Studios.[39]

The firm provided financing to Prescient, a building technology platform, for $50 million in July 2018.[40] Eldridge committed an additional $40 million in funding for the company in June 2020 for a total of $90 million.[41][42] Eldridge led a $190 million strategic investment into Prescient in 2021.[43]

Eldridge acquired data technology company Knoema in 2020.[44] Eldridge also has a stake in The Ready Games[45] and held a stake in Epic Games which was sold back to Epic in 2021.[9]

Eldridge has made multiple investments into Truebill, including participating in a $45 million funding round in 2021,[46] after leading a Series B round in 2019.[47] Eldridge participated in a $235 million in AI security company AnyVision in July 2021, after previously investing in the company in 2018.[48]

Eldridge invested in digital health platform Wellthy in May 2020, and participated in a $35 million Series B funding round for the company in June 2021.[49] Eldridge also participated in a $62 million investment round for fertility services company Kindbody.[50] Eldridge also acquired sporting goods producer G-Form, which produces Smart-Flex athletic gear.[51]

In November 2021, Eldridge participated in a $30 million investment round for artificial intelligence company Netomi.[52] That same month, it was reported that Eldridge led a $600 million debt funding round for Digital Currency Group, a venture capital firm focused on digital currencies.[53]

Consumer industry[edit]

In 2017 Eldridge acquired, with a co-investor, Pittsburg-based NPC International, LLC, the largest franchisee of Pizza Hut (part of Yum Brands), and Wendy's.[54] On July 1, 2020 NPC filed for Chapter 11 bankruptcy.[55]

Eldridge has backed hospitality group Aurify Brands since it was founded in 2011.[56] Eldridge invested in international bakery-restaurant chain Le Pain Quotidien through Aurify in March 2021.[57] Eldridge also invested in pizza restaurant chain Chuck E. Cheese.[58]

Thirteenth Floor Entertainment Group, an operator of horror-themed entertainment venues and escape rooms, is partially owned by Eldridge.[59][60] Eldridge was part of a group of creditors who invested $1.2 billion in Canadian company Cirque du Soleil in 2020.[61]

Eldridge invested in virtual reality entertainment company Illuminarium Experiences, as part of a $100 million investment.[62] The company led a $3.4 million funding round for food delivery marketplace Sesame in December 2021.[63]

Real estate[edit]

Eldridge owns Stonebriar Commercial Finance, a large ticket commercial finance and leasing company,[64] and co-owns Cain International, a London-headquartered real estate firm which owns The Beverly Hilton and Waldorf Astoria Beverly Hills.[65][66][67]

Eldridge seeded Essential Properties Realty Trust, a REIT that went public in June 2018 under the symbol NYSEEPRT.[68] In October 2019, Eldridge invested $300 million in real estate investment company Kennedy Wilson.[69] Eldridge committed €1 billion to Blackbrook Capital, an independent European real estate investment firm, in March 2020.[70][71]

In December 2021, Eldridge acquired a minority interest in Langdon Park Capital, a Black-owned real estate investment company. Commenting on the partnership, Eldridge CEO Todd Boehly said that the company was "excited to partner with the Langdon Park Capital team who have built the foundation for a scalable, institutional platform that creates lasting positive impact in Black and Latino communities."[72]

Insurance[edit]

Eldridge owns Security Benefit Life Insurance, an insurer with $40 billion in assets.[25] The firm also owns SE2, a technology platform for insurance companies.[73][74] In 2019 SE2 and Life.io launched an integrated life insurance and annuity platform, SE2 Digital Engage.[75]

Eldridge invested in DPL Financial Partners in January 2021.[76] That year, Eldridge invested in PPRO Financial and Clearcover Insurance.[77][78] Hudson Structured Capital Management refinanced in 2021, with Eldridge as its principal backer.[79]

Media holdings[edit]

In 2015, Eldridge put some of its media properties up for sale, including Adweek and the Clio Awards.[80] Adweek was sold a year later to Beringer Capital, a private equity firm that invests in digital media and marketing services.[81] The Clio Awards, a 58-year-old ad industry event, was sold to investment company Evolution Media in 2017.[82]

In December 2016, Billboard-Hollywood Reporter Media Group purchased the music publications Spin, Stereogum and Vibe from SpinMedia for an undisclosed amount.[83]

In February 2018, Eldridge announced it would be consolidating three of its entertainment properties into a new company, Valence Media,[84] which rebranded as MRC on July 20, 2020.[85] The properties included Media Rights Capital, a film and television studio which created Netflix shows Ozark and House of Cards;[86][87] Dick Clark Productions, a producer of award shows and other live event programs; and the Billboard-The Hollywood Reporter Media Group.[88][89][90]

MRC's co-founders Asif Satchu and Modi Wiczyk serve as co-CEOs and Boehly serves as Chairman.[89][91] MRC also owns a minority stake in film distributor A24;[90] and London-based production company Fulwell 73.[92][25]

In 2018, Eldridge also became a partner for the Global Citizen Festival, which was held in South Africa to honor the life and legacy of Nelson Mandela in his centenary year.[93]

In December 2019, Valence acquired Nielsen Holdings' music data business.[94]

In January 2020, MRC sold music publications Spin and Stereogum to Next Management Partners.[95]

In November 2020, Eldridge acquired the music publishing rights to American rock band The Killers, covering the band's first five albums. Universal Music Publishing Group will continue to administer the catalogue.[96]

In September 2020, it was announced that Penske Media Corporation and MRC would form a joint venture named PMRC. The new venture would manage the daily operations of publications such as Billboard, the Hollywood Reporter, Vibe, Variety, Rolling Stone and Music Business Worldwide.[97] A second joint venture between MRC and Penske was also announced, to manage content and intellectual property such as television series, films, and live events including South by Southwest.[98]

Eldridge led a $3 million funding round for Laylo, a startup fan engagement platform, in 2021.[99]

In December 2021, Eldridge partnered with Sony Music Group to finance the acquisition of Bruce Springsteen's recorded music and songwriting catalogue.[100] The deal, which was estimated to be between $500 million and $600 million, was reportedly the largest transaction for an individual artist's music rights to date.[101]

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External links[edit]